Key Technical Level
Solid support at 1.3482 - 61.8% Fibo retracement of 1.2451-1.5149 limits downside risks for the pair. A declining 20-Day SMA at 1.3741 can limit upside potential and offers potential for future consolidation as it continues to converge. A break of ether level could spark a breakout, until then the levels should be use to enter and exit positions.
Quantitative Metrics
The EUR/USD’s Bollinger band width of 661 pips is larger than ideal but signs that it has begun to narrow are encouraging for scalpers. The current bearish trend has started to slow, which could see the level of volatility decline. However, the pair has been prone to spikes in price action which has elevated the ATR to 143 pips. Greece’s troubles and potential bailout has kept markets guessing, and that level of uncertainty could be dangerous for a short-term trader.
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